July 7 (Reuters) - Canada's main stock index edged higher on
Tuesday, buoyed by rising oil prices, while investors awaited
the minutes of the U.S. Federal Reserve's June meeting for
signals on monetary policy.
The Toronto Stock Exchange's S&P/TSX Composite index
rose 0.25% to 35299.67 points by 10:00 am ET.
* Oil prices rose as reports of attacks on vessels near the
Strait of Hormuz revived fears of disruptions to shipping
through the critical energy transit route.
* Brent crude futures gained 1.88% to $73.33 a
barrel; U.S. West Texas Intermediate crude rose 1.85% to
$69.83 a barrel.
* Canada's energy index rose 1.7%. Imperial Oil ( IMO )
, Strathcona Resources ( STHRF ) and Suncor Energy ( SU )
were among the biggest gainers, adding between 2.3% and
2.4%.
* "We are in for a more choppy phase, but earnings continue
to provide strong support. The energy sector can provide some
hedge against different scenarios," said Angelo Kourkafas,
senior global investment strategist at Edward Jones Investments.
* "The market reaction to the Samsung earnings highlights
how high the bar is in terms of earnings expectations."
* Gold slipped for a second consecutive session as a
stronger U.S. dollar weighed, while investors awaited minutes
from the Fed's June meeting, when it held interest rates
unchanged. Spot gold and silver prices dipped
0.14% and 1.39%, respectively.
* A softer-than-expected U.S. jobs report and signs of
easing tensions in the Middle East have tempered expectations of
several U.S. interest rate increases this year.
* Traders are pricing in one 25-basis-point rate hike from
the Fed by the end of this year, according to LSEG data.
* Meanwhile, the Bank of Canada is seen keeping interest
rates on hold this year, with the next policy decision due on
July 15.